Assume that a Toys () Us store bought and sold a line of dolls for
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Assume that a Toys " \(Я\) " Us store bought and sold a line of dolls for inventory during December as follows:
Toys " \(Я\) " Us uses the perpetual inventory system. Compute the cost of ending inventory under
(a) FIFO
(b) LIFO. You will need to prepare a perpetual inventory record for LIFO. Which method results in higher cost of ending inventory?
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